The TR series Magna was the first model of the second generation and cost MMAL $300 million to develop. Like the TM the TR was initially released only as a sedan with the wagon appearing over a year later.

The TR was a larger car than the first generation being 130mm longer, 15mm wider and 46mm higher. The wheelbase also increased by 120mm. This made the Magna similar in size to the EA Falcon and VN Commodore.

The TR still used a MacPherson strut front suspension and torsion beam rear axle, although they were modified for the new body. The front suspension also included a front and rear crossmember for extra rigidity.

Initially the TR was only available in Executive, SE and Elite levels with the fuel-injected and revised Astron II. Mitsubishi however introduced a price-leading GLX model in November 1991 to compete in the fleet market - this model was fitted with the original Astron II fed by a carburettor.

In March 1993, the 6G72 3.0 litre V6 which powered the KR Verada became available as an option on the Executive.